Ontario Creates is a provincial funding agency that creates and administers various Canadian government grants, loans, and other funding programs that incentivise business development projects. They are one of many Canadian federal and provincial funding agencies that administers the currently available grant, loan, tax credit, and wage subsidies available. Ontario Creates has recently announced a new funding stream for the IDM Fund called the Global Market Development stream.
The IDM Fund: Global Market Development stream has opened with an application deadline of April 25, 2022, by 5:00pm EST.
There is a lot to consider when entering a foreign market: nuanced differences in culture, language barriers, currency conversion, and more. These are the kinds of differences that are hard to grasp until you are able to visit the country your company intends to start exporting into. This is where a program like the IDM Fund: Global Market Development stream comes into play by incentivising businesses to participate in virtual or in-person business events. Get to learn more about this program and how your company may be eligible to receive funding towards its next business trip.
Funding Snapshot: IDM Fund: Global Market Development Stream
Below are some important details about the new IDM Fund: Global Market Development Stream, including funding amount available, eligible applicants, and more.
Successful applicants are eligible to receive up to $15,000, capped at 50% of the total costs for all activities.
All applicants must be an Ontario-based and Canadian-owned business that is in good standing with the Ontario Createsprogram at the time of applying. The IDM Fund: Global Market Development stream also requires you to meet the following eligibility requirements:
- Have an executive team including at least one owner or full-time employee with a minimum full-time equivalent of three years of professional experience in the creation of professional, commercialized content;
- Be majority-owned by individuals that have a recent track record of working in Ontario;
- Be prepared to incorporate immediately if their application is successful; and
- Meet the relevant eligibility criteria for established companies on incorporation.
Projects that are eligible for funding through the IDM Fund: Global Market Development Stream must take place outside of Ontario. All activities, whether virtual or in-person, must focus on international audience and business development opportunities. The following expenses are eligible:
- Virtual and in-person participation in key international industry markets and events,
- Planned sales trips or media tours to key territories to meet with identified leads, and
- Participation in trade missions organized by industry associations and government agencies.
IDM Fund: Global Market Development stream applications must be submitted before April 25, 2022, at 5:00pm EST. If your business is considering applying for this program in its short application window, we strongly recommend reaching out to the grant application writing team at Mentor Works to streamline the application process and apply before the program closes.
Apply for the IDM Fund: Global Market Development Stream
Ontario small–medium enterprise (SME) businesses can apply for this program before its April 25 deadline to receive up to $15,000 in Ontario provincial grant funding towards their strategic business growth trips in foreign markets. For application assistance, the team at Mentor Works, a Ryan Company, can take care of the grant application process on behalf of your business. Speak with a member of our team to see if your business is the right for this program and other federal and provincial funding programs.
If your business is thinking about entering foreign markets, get to know the exporting grant programs that are available to your business by downloading our free Top Grants for Exporting slide deck. This guide will help show how funding can fit into your exporting plan, the importance of a market entry plan, and your options for federal and provincial funding programs.